Buxton's UK Growth trust moves to wide discount on exit shock

Richard Buxton's Schroder UK Growth trust has moved onto a wide discount following news of the manager's departure for Old Mutual Global Investors.

The £300m investment trust is trading on a discount of 9.69%, with shares trading at 153.63p against an estimated net asset value per share of 170.1p, according to FE. There is a discount policy in place on the trust which seeks to bring it back in through share buybacks if it moves beyond 5% over the long term. Over the half-year to October 2012, the average discount on the trust was 6.8%. Shares in the trust have fallen 4.35% since the news of Buxton's exit from Schroders, where he had spent 11 years running one of the most successful funds in the industry, the open-ended £3.5bn ...